21 April
'17

The Karelpriprodresource Corporation has signed a contract with the Russian Land Use Union for the supply of construction materials for building the Tavrida Highway, to a total value of eight billion roubles

Karelpriprodresource Corp – a division of the VAD Group – has signed a contract with the Russian Land Use Union for comprehensive deliveries of natural materials for the construction of the Tavrida Highway. The contract is for a total value of eight billion roubles. The contract was signed by the CEO of Karelprirodresource Corp, Mr Igor Efremov, and the president of the Russian Land Use Union, Mr Dmirty Stashkiv.

Under the contract, fourteen quarries owned by Crimean companies and located within Crimea along the planned route of the Tavrida Highway will supply materials for road construction over a 3.5 year period. All the materials will be used in highway construction. The contract is valued at approximately eight billion roubles.

“This contract is one of the largest to have been concluded in today's market”, the CEO of Karelprirodresource Corp, Mr Igor Efremov, commented. “The first stage is a contract to deliver materials valued at 7-8 billion roubles – although the entire contract will eventually be worth around 15 billion roubles. The price is very fair, and we will keep strict control over their quality. The materials will be used for laying the sublayer of the road. The tarmac for the roadsurface itself will be imported to Crimea from Karelia.”

Contacts for media accreditation and organising interviews with Forum delegates:

The Yalta International Economic Forum (YIEF) is an annual international business event centred on economics, and held in Crimea. YMEF is rated among the Top Four economic forums in Russia – alongside the St Petersburg Economic Forum, the Eastern Economic Forum, and the Russian Investment Forum in Sochi.

The Forum's organisers are the Government of the Crimean Republic, and The Yalta International Economic Forum Foundation, with the support of the Presidential Administration of the Russian Federation.

This year's YIEF event, which takes place over 20th, 21st and 22n April, has gathered more than 1500 attendees, including over 150 international participants from over 40 different countries. The most numerous of the foreign delegations attending YIEF this year has been from Italy – with over 50 delegates attending.

The primary venue for the Forum, as in previous years, is the MRIYA RESORT & SPA hotel – while a series of events is also being held at the Livadia Palace, and at other venue locations located along the southern shores of Crimea.

The program for YIEF-2017 features more than 29 business events, 25 themed sessions, a central feature session devoted to developments in Crimea's construction sector, and the keynote discussion at YIEF, the main plenary session – which is divided into three thematic sections – 'World', 'Country', and 'People'. The 'World' section throws the focus onto the economic situation in Russia through the prism of international business. It's envisaged to look at issues of Russia's place in the world economy, Russian experience as a business partner, and a discussion of the opportunities which Russia presents for international investors. During the 'Country' section Forum participants will be focusing on the potential for Russia to develop an innovation-based economy that will meet tomorrow's needs. During the 'People' section social issues and care for the environment will take centre-stage.

On the sidelines of YIEF-2017 it is expected that a slew of Agreements, Contracts, and Memorandums will be signed. According to information from the Ministry of Ecnoomic Development of the Crimean Republic, the sums involved in the expected agreements and memorandums for projects will top 53 billion Russian roubles in committed investment funds.

Crimea's investment potential is highlighted in a special exhibition of investment projects due to run for the entire three days of the Forum. Forum participants will be presenting over 35 projects and sites which are already at the green-light stage for investment, as well as examples of major investment and infrastructure projects which are already up-and-running.

The business program for the closing day of YIEF-2017 offers individual meetings with the Head of the Crimean Republic, Mr Sergey Aksionov, for official delegations, investors, and members of the business community.

The Cultural Program of the Forum will include a performance by the Severny Gorod (Northern City) orchestra, under its director Mr Fabio Pirola; a rally of old-timer vehicles; and excursions to different historic heritage locations along the southern shores of Crimea.

An important element of YIEF-2017 will be sports events for business program participants, which will continue throughout the whole period of the Forum. Under the aegis of YIEF-2017, the IInd Crimean Corporate Games will be held. These include mini-football, basketball, football, chess, checkers, 100m and 800m sprint runs, tug-'o-war, arm-wrestling, kettle-bell, weightlifting, press-ups, and darts. Nearly 400 people are expected to participate.

Last year's YIEF-2016 took place over 14th to 16th April, and attracted over 1100 people – including governmental figures, members of the business community, and economic experts. Among the visitors were more than 70 international participants from 26 different countries. These included business leaders, politicians, and other significant opinion-formers. This was the largest number to date of foreign business visitors to Crimea since the peninsula reunited with Russia.

YIEF-2016 saw the inking of 12 different investment agreements, to a total value of over 70 billion roubles – as well as the development of mechanisms to protect the economic interests of foreign investors interested in investing in Crimea, so that they remain unaffected by the malign effects of western sanctions imposed on Russia. The Forum played host to the signing of contract for building a new terminal for Simferopol International Airport, whose total contract value amounted to 32 billion roubles. This made it the most valuable investment project in the history of the Crimean Republic.